REPUBLIKA.CO.ID, JAKARTA - Publicly traded steel maker PT Krakatau Steel Tbk (KRAS) has secured a syndicated loan of 1.899 trillion IDR (200 million USD) from a number of Chinese banks.
The banks include China Development Bank Corporation (CBD), Industrial and Commercial Bank of China Limited (ICBD), and the Hong Kong and Shanghai Banking Corporation Limited (HSBC), Irvan K Hakim, the president of the state company said in a statement published on Friday, adding that the loan was signed on 15 August 2012. Krakatau Steel also has big steel project in Cilegon worth 6 billion USD built in joint venture with South Korea`s steel giant Posco.
"The loan is part of the fund needed to build a blast furnace complex with a production capacity of 1.2 million tons a year," the statement said.
Hakim said the contractor to build the factory is a consortium of MCC-Capital Engineering & Research Indorporation Limited (MCC-CERI), MCC-ACRE and PT Krakatau Engineering. "The syndicated loan to be repayable in in eight years includes 80 million USD from CBD, 80 million USD from ICBC and 40 million USD from HSBC," he said.
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